Short Sale Specialist Help W/ Ideas !
I know other newbies are curious to know also:
I am currently a newbie and I have spent numerous hours reading the different forums and I have found them to be very helpful. I want to start my own rental/ invest company. My main goal is to be able to purchase properties through the short sale. I purchased my first property and not realizing until now that the cash flow is only 75.00/month. Not really worried about it now b/c I did not know much about short sale. I purchased this property about two weeks ago and the loan officer told me to as soon as I get a lease on this I would be able to get another one. I have about 2K saved which is not much and in about a month my FICO mid should be about 680 +. I am currently a realtor (1-3K/yr) and I have a full time job working as a customer service rep (27K/yr). I am not happy with this salary and I am willing to jump out there and swim with the BIG DOGS. I am not clear on where to start. Maybe a major part of the company can be for non-profit and the investment side for profit.
Can anyone lead me in the right direction to start a company purchasing short sales? Or/Do you think it will be best to just start doing short sale deals w/out a co. If so where would I start at this point? I have exp with real estate so what is next?
Since you have experience as a realtor then go to your county building and purchase a copy of the law bulletin .
It has pre-forclosed and forclosed property and try to pull up the owners name and make an offer to seller for arears and have them sign over a power of attorney and or quit claim deed.
If you can find people with like minds then invest with them or go at it alone. Get in touch with lender and offer them 60-70% ltv. Also, find something in a up and coming area. It would be helpful if you find out what the owner of the property wants in return.
chuff:
You've already gotten a leg up: you've picked a strategy to focus on. If short sales are your vehicle for investing, dig in and become an expert at it.
Check out the Short Sale forum for some great info.
I'm no expert on this, but from what I've read, short sales live and die on the proposal you make to the lender to negotiate for the lower price. Find out all the pieces you need to make a professional package that gets accepted.
Good luck!
Andy